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We propose a new approach for project inspection applying ethnography to identifying IT system project risks. Guideline-based inspection is generally conducted in the IT industry to reduce project risks. Guidelines are created based on analysis of failures in past projects. However, it is difficult to detect new risks that emerged according to changes of project environments. We hypothesized that an ethnographic method would have some value to detect such emerging risks by capturing insiders' perspectives. We developed procedures and guidelines to conduct inspection by ethnographic approach for IT experts. To clarify the value of the method, we conducted project inspection by the ethnographic approach on two projects that have already received guideline-based inspection. Problems found by the ethnographic inspection were not quite new for the members observed and interviewed However, the ethnographic inspection successfully captured tacit problems that were rooted in organizational structures and culture, and triggered discussion and review of policy and standard models.